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Author Mumtaz, Haroon

Title Exchange rate pass-through into U.K. import prices : evidence from disaggregated data / Haroon Mumtaz, Özlem Oomen, Jian Wang

Publ Info Dallas, Tex. : Federal Reserve Bank of Dallas, 2011
LOCATION CALL # STATUS NOTE
 RWU Main Library  HG3823 .M85 2011    AVAILABLE
 RWU Main Library  HG3823 .M85 2011 c.2  AVAILABLE
Descript 16 pages ; 28 cm
text rdacontent
unmediated rdamedia
volume rdacarrier
Series Staff papers Federal Reserve Bank of Dallas ; no. 14
Staff papers (Federal Reserve Bank of Dallas) ; no. 14
Note "June 2011."
Includes bibliographical references (p. 13-14)
Also available online
"In this paper we estimate the rate of exchange rate pass-through (ERPT) into U.K. import prices using disaggregated data at the SITC-2 and SITC-3 digit levels. We show that the ERPT varies at the disaggregate level. Because of this heterogeneity at the disaggregate level, the estimate of the ERPT using aggregate data is found substantially upward-biased in our U.K. data. The upward bias exaggerates the impact of exchange rate movements on the competitiveness of imported goods relative to domestically produced goods. Further, we investigate the source of the heterogeneity of the ERPT at the disaggregate level. The industry-specific inflation rate is found significant in explaining this heterogeneity. Finally, we find a significant reduction in estimated ERPT since 1995. Unlike some previous studies, our results suggest that the decrease of the ERPT is correlated with the increased economic stability in the U.K. during the last decade."
LC subject Foreign exchange rates -- Great Britain
Prices -- Great Britain
Add Author Oomen, Özlem
Wang, Jian